- October 20, 2021
- Posted by: Saman Saba
- Category: FSBO
What Does the For Sale By Owner Process Look Like?
When you’re selling a home, there are so many things to think about. One thing that most homeowners would eye is the profit that they can make out of their property. When assessing the options of choosing a For Sale By Owner or FSBO and hiring a real estate broker, the latter would definitely shave off how much you can earn.
On average, real estate brokers take between 5-6% of the home’s sale price, which can be quite a costly deduction in the long run. Going the FSBO route may lead to a more fruitful earning on your part.
How exactly do you go about the FSBO process, though? Here’s an outline of the steps that you should encounter throughout the whole ordeal:
1) Making the Decision
Before you undergo the process, it’s best to finally decide whether you’re committing to the FSBO arrangement or not. Having more profit is good, but it’s best to ensure that your capabilities and knowledge are up to par for the task. Once you choose to label your property as FSBO, be sure you’re fully equipped to go through the entire process.
2) Setting a Price
Real estate brokers would usually name the price based on their knowledge, though you can do your own research of the housing market. By learning about what the current price ranges are and gauging how much people would pay for your home, you’d be able to provide a good estimate.
3) Preparing a House Viewing
Going FSBO means that you will have to arrange any preparations needed for a future house viewing. Showing the home is integral in the property selling process, so it’s important that the property is show ready. Be sure to invest in home improvements where necessary and to declutter the place to be more attractive for buyers.
4) Creating Online Listings
Digital marketing is a must now that every homebuyer is browsing online for their next home. Social media network sites like Facebook work pretty well, but you should also explore platforms that will allow you to create an online listing for your property. Don’t forget to brand it as FSBO so your buyers know!
5) Responding to Buyers
Buyers will be interested in your property, and it’s best that you’re able to promptly respond to them in order to retain their desires of offering a price and buying your home. It can be trial and error with negotiating as some buyers may seem pushier towards home sellers on an FSBO basis, but just exercise patience and find a homebuyer that you click with.
6) Getting into the Legalities
Eventually, throughout the discussions with multiple buyers, you’ll be able to land on one deal. Once you finally reach that stage, it’s time to get into the legal process of transferring the title. Getting a real estate attorney is a must for this stage in the process. Not only will they handle those documents, but they’ll also curate and file paperwork that protects you legally
Learning more about the FSBO process would be quite eye-opening as you’d know what to expect rather than going into the whole thing blind. Find proper success while sticking to those steps.
How Can We Help You?
If you are interested in selling as a For Sale By Owner, you’re in the right place. Get the legal assistance you need to sell your FSBO property. Saman Saba is a real estate attorney in Maryland working to empower real estate sellers and buyers so that they may make better and more informed decisions regarding one of their most important assets: their residential properties.
In an effort to help you successfully sell your property as a For Sale By Owner, we have prepared a FREE FSBO Success Packet which includes:
- A clear explanation of our flat-fee pricing model and exactly which services are included.
- A complimentary copy of Saman’s bestselling book, Sell Your Home With Confidence: Reduce Your Liability When Selling, FSBO EDITION which goes into depth regarding what steps a FSBO seller should take when selling their property.
- A complimentary viewing of a 30-minute Masterclass entitled, Home Equity Protection: How To Not Be Bamboozled When Selling which highlights the main ways that home sellers can leave thousands of dollars on the table when selling.
- And so much more!
Ready to get started? Click here to schedule a complimentary consultation.